Doesn’t sound like much right?
Well, until you look at what 15% is of course.
Yeah, that would be another $21 BILLION.
Hope. Change. Fail.
Surprise! The Treasury underestimated how much money taxpayers would lose on the auto bailout by 15 percent or $21.7 billion. That’s right, they missed the estimate by $21.7 billion.
The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.
In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.